Some 8m people are planning a DIY approach to retirement and planning to avoid professional financial advice but admit they do not know how to avoid running out of money in retirement, according to a new study.

Questions about early retirement top the list of retirement planning advice requirements when pension savers see their financial adviser, according to a new survey.

Curtis Banks, the SIPP and SSAS provider, has predicted that growth in the retirement advice sector in 2020 will come mainly from pension savers and advisers changing or switching existing drawdown plans.